### Table 5c: Safe vs Non-Safe Issuer Split on r-g

| Sample | Specification | Coefficient (p-value) | N | Countries | R² |
|:--|--:|--:|--:|--:|--:|
| Safe issuers (AA- or above) | OADR → nominal r-g | -26.5 (0.0000)*** | 634 | 25 | 0.143 |
| Safe issuers (AA- or above) | Z₁ → nominal r-g | +18.7 (0.2830) | 634 | 25 | 0.094 |
| Safe issuers (AA- or above) | OADR → real r-g | -5.9 (0.2465) | 610 | 25 | 0.191 |
| Non-safe issuers | OADR → nominal r-g | +7.1 (0.4474) | 2,410 | 111 | 0.052 |
| Non-safe issuers | Z₁ → nominal r-g | -19.3 (0.4156) | 2,410 | 111 | 0.056 |
| Non-safe issuers | OADR → real r-g | -0.3 (0.9735) | 2,402 | 111 | 0.024 |

*Safe issuer = S&P rating AA- or above. PanelGLS with AR(1).*
